GBP/USD is still keeping the sideways range established since several days ago, finding strong resistance around 1.2516. With that being said, Cable doesn’t have a clear path on a short-term basis, because that resistance mentioned above still acts as a strong supply zone for sellers. It should be noted that the 200 SMA around 1.2450 continues to provide dynamic support.
H1 chart’s resistance levels: 1.2516 / 1.2567
H1 chart’s support levels: 1.2426 / 1.2388
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2516, take profit is at 1.2567 and stop loss is at 1.2467.
The material has been provided by InstaForex Company – www.instaforex.com